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India signs USD 350 million loan agreement with ADB
The Sunday Guardian
|December 22, 2024
The central government and the Asian Development Bank (ADB) signed a USD 350 million policy-based loan under the second subprogram of Strengthening Multimodal and Integrated Logistics Ecosystem (SMILE) program.
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The Ministry of Commerce & Industry in an official statement stated that this policy-based loan aims to expand India's manufacturing sector and improve the resilience of its supply chains The signatories to the loan agreement were Department of Economic Affairs (DEA), Ministry of Finance; Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry; and the ADB.
The SMILE program is a programmatic policy-based loan (PBL) to support the government in undertaking wide-ranging reforms in the logistics sector in India.
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